This morning we wrote about Google
(NASDAQ:GOOG) going into earnings (see Ahead of Earnings, Google Is a Strong Buy
). By now, we everyone knows about the premature release of Google's third quarter earnings results (courtesy of RR Donnelley
(NASDAQ:RRD), owners of the reporting system Edgar, which filed the 8K without permission). Trading was halted when the stock lost 9.03% of its value.
The earnings statement showed lower profits for the quarter than analysts had been estimating. While the Street was expecting revenue for CPC (cost per click) to be down some 11%, the company reported worse results, with CPC revenues off 15%.
We wrote earlier that you don’t buy ahead of earnings as a trader. If we could, just for today, buy the stock under $640, we would. A better use of capital would be to buy Apple
(NASDAQ:AAPL) at $625.
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No positions in stocks mentioned.
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